Another win: Construction industry veteran Mick Power lists beachfront pad held for 30-plus years

Construction industry veteran Mick Power and wife Denise are following up a $30 million ‘win’ on the Surfers Paradise beachfront by going for a second pot of gold.

MICK Power, who built a fortune in the construction industry, is following up a $30 million ‘win’ on the Surfers Paradise beachfront by going for a second pot of gold.

He and wife Denise are selling The Premiere, an eight-level oceanfront apartment block at 71 Garfield Tce in which Mr Power and wife Denise have had a presence for more than 30 years.

The building is on an 865sq m site with a 20-metre beach frontage and adjoins a 1500sq m holding Mr Power and wife Denise last month sold for $20,000 a square metre.

Their amalgamation of The Premiere, completed in 2017, cost them $11.065 million.

CBRE’s Mark Witheriff yesterday said The Premiere site was significantly underdeveloped and had the potential to take an iconic residential tower.

He said a buyer of The Premiere could enjoy a significant rental income while approvals were being sought for redevelopment of the site.

“The pandemic has brought a new focus to lifestyle aspirations and has driven a wave of luxury apartment development across the Gold Coast.”

The Premiere at 71 Garfield Tce, Surfers

The Powers paid $725,000 in 1989 for an apartment on the ground and first floors when The Premiere was being developed by the Boris Liberman family from Melbourne.

Mr Power yesterday said he and his wife owned two units in another Garfield building, Anglesea Court, and they were made available to staff of his BMD business.

“The units were booked so heavily that we couldn’t get in, so we bought into The Premiere and I became body corporate chairman.”

The Power apartment, on completion, was leased for a few months to ‘two young ladies who didn’t pay the rent’.

Mr Power said that when they left he found a stash of $100 bills under a mattress.

The Powers, who are name sponsors of the Northcliffe Surf Club, last week bought a $15.5 million double block in Multi-Millionaires’ Row, Mermaid Beach’s Hedges Ave, on which to build a family home.

The Premiere is being sold by expressions of interest in a campaign which closes on September 15 and is being managed by Mr Witheriff and by CBRE Brisbane’s Rem Rafter.

Originally published as Another win: Construction industry veteran Mick Power lists beachfront pad held for 30-plus years